T. Rowe Price Group, Inc. $TROW Shares Newly Purchased by NBT Bank N.A.

Key Points

• NBT Bank acquired 31,534 shares of T. Rowe Price Group in the third quarter, valued at approximately $3.28 million. Institutional investors and hedge funds collectively own 73.39% of the company.
• T. Rowe Price reported quarterly EPS of $2.57, exceeding estimates by $0.05, while revenue rose 10.7% year over year to $1.91 billion. The company also pays a quarterly dividend of $1.30 per share, representing a 5.0% annualized yield.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating and a $104.08 price target, with several firms recently lowering targets. TROW opened at $103.45, near the consensus target.

NBT Bank N.A. acquired a new position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 31,534 shares of the asset manager's stock, valued at approximately $3,281,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in T. Rowe Price Group during the second quarter worth approximately $2,728,119,000. State Street Corp increased its stake in T. Rowe Price Group by 2.7% in the second quarter. State Street Corp now owns 14,653,478 shares of the asset manager's stock valued at $1,665,954,000 after purchasing an additional 381,183 shares during the last quarter. First Trust Advisors LP increased its stake in T. Rowe Price Group by 12.6% in the first quarter. First Trust Advisors LP now owns 3,694,171 shares of the asset manager's stock valued at $332,993,000 after purchasing an additional 413,317 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in T. Rowe Price Group by 20.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,150,561 shares of the asset manager's stock valued at $358,187,000 after purchasing an additional 524,544 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in T. Rowe Price Group by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,124,696 shares of the asset manager's stock worth $191,512,000 after purchasing an additional 37,642 shares in the last quarter. 73.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity at T. Rowe Price Group

In other news, VP Joshua Nelson sold 10,000 shares of T. Rowe Price Group stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $111.82, for a total value of $1,118,200.00. Following the transaction, the vice president directly owned 71,328 shares of the company's stock, valued at $7,975,896.96. The trade was a 12.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is owned by insiders.

T. Rowe Price Group Stock Up 0.2%

NASDAQ:TROW opened at $103.45 on Friday. The stock's 50 day moving average price is $106.45 and its 200 day moving average price is $107.13. The company has a market capitalization of $22.07 billion, a PE ratio of 9.99, a P/E/G ratio of 3.02 and a beta of 1.45. T. Rowe Price Group, Inc. has a 52-week low of $85.22 and a 52-week high of $122.00.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The asset manager reported $2.57 EPS for the quarter, topping the consensus estimate of $2.52 by $0.05. T. Rowe Price Group had a return on equity of 20.91% and a net margin of 29.26%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the company posted $2.24 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that T. Rowe Price Group, Inc. will post 10.10 EPS for the current fiscal year.

T. Rowe Price Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, September 15th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.0%. T. Rowe Price Group's dividend payout ratio (DPR) is 52.16%.

Analyst Upgrades and Downgrades

TROW has been the subject of several recent analyst reports. Barclays reduced their price objective on shares of T. Rowe Price Group from $103.00 to $102.00 and set an "underweight" rating for the company in a research report on Wednesday, October 14th. Zacks Research downgraded shares of T. Rowe Price Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. BMO Capital Markets dropped their target price on shares of T. Rowe Price Group from $120.00 to $110.00 and set a "market perform" rating on the stock in a research report on Tuesday, October 13th. JPMorgan Chase & Co. cut their price target on shares of T. Rowe Price Group from $107.00 to $106.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 13th. Finally, UBS Group started coverage on shares of T. Rowe Price Group in a research report on Wednesday, October 7th. They issued a "neutral" rating and a $107.00 price target for the company. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $104.08.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a global investment management firm headquartered in Baltimore, Maryland. Founded in 1937 by Thomas Rowe Price Jr., the company provides investment strategies and advisory services to individual investors, retirement plans, financial intermediaries, institutions and other clients.

The company offers a range of actively managed and multi-asset investment products, including mutual funds, exchange-traded funds, separately managed accounts and other portfolio solutions.

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